The US dollar is highly important in today's economy for three main reasons: the huge amount of petrodollars, the use of the dollar as the world's reserve currency, and the decision taken by US President Nixon in 1971 to end the dollar convertibility into gold.
Two new books on China, "Everything Under the Heavens" and "Destined for War," urge us to be ready for a radically different world order.
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In the late 18th century and early 19th century, Britain built a vast empire while denying that it was doing anything of the kind.Its trade conglomerates, such as the East India Company, Swire, or Jardine Matheson, claimed to be merely engaged in commerce and infrastructure-building, constructing roads, ports and shipping.The fact that this invariably led to the establishment of colonies was, apparently, just acciden...
Hungary has become the first EU country to join China's flagship initiative, which aims to revitalise a historic trade route between Europe and the Far East.
China proposed Wednesday to build an economic corridor linking China, Mongolia and Russia.